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Fundamental Overview:
USD/CHF is expected to consolidate with a bullish bias. It is supported by the positive USD sentiment as much-stronger-than-expected rise in Empire State's business conditions index to 27.5 in September from 14.7 in August (versus forecast 16.0) outweighs surprise 0.1% drop in U.S. August industrial production (versus forecast +0.3%) & lower-than-expected capacity utilization of 78.8% (versus forecast 79.3%), more-than-expected 1.2% on-year drop in Switzerland August import price index (versus forecast -1.0%) and dovish Swiss National Bank's monetary policy and franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross.
Technical Comments:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing, bullish outside-day-range pattern was completed on Monday, but stochastics is bearish at the overbought zone.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9370 and the second target at 0.94. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9310. A break of this target would push the pair further downwards and one may expect the second target at 0.9290. The pivot point is at 0.9330.
Resistance levels:
0.9370
0.94
0.9430
Support levels:
0.9310
0.9290
0.9250
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